Salvadorans protest against President Bukele’s Bitcoin project

Salvadorans took to the streets in protest against the country’s acceptance of Bitcoin legal tender, which will take place on September 7, 2021.

“No to corrupt money laundering,” said the posters during a protest in San Salvador last Friday, which means “no to corrupt money laundering.”

protests are the latest in a long line of attempts by the Salvadoran public to bypass President Bukele’s bitcoin law, which will make the flagship cryptocurrency legal tender next week.

“What El Salvador is trying to do is unprecedented and the country has its eyes on it,” said Jason Deane, Bitcoin analyst at Quantum Economics. decipher.

Deane added that these protests are an “inevitable part of the process” and that “it will take many more months for them to normalize and to realize the real benefits.”

But not everyone in El Salvador is equally optimistic.

El Salvador’s opposition to Bitcoin

This is not the first time that Salvadorans have opposed the country’s adoption of Bitcoin.

In June, Jamie Guevara, the deputy leader of El Salvador’s opposition party, the Farabundo Martí National Liberation Front, filed a lawsuit in opposition to President Bukele’s bitcoin law.

Guevara collaborated with a group of Salvadorans who argued that the legislation itself was unconstitutional.

“Against the decree issued by the Bitcoin Law I call cause of unconstitutionality because it is a decree without legality, without foundation, without considering the meaning and harmful effects that this law will cause to this country,” said a citizen named Oscar Artero to the climate. .

He added that the legislation was designed to “plunder people’s pockets” and “force us to trade.”

A month later, a poll showed that more than three-quarters of Salvadorans did not support President Bukele’s Bitcoin project.

Commissioned by the Centro de Estudios Ciudadanos (CEC) of the Francisco Gavidia University of San Salvador, the survey found that 77% of the Salvadorans surveyed believe that adopting Bitcoin as legal tender “is not very wise.”

Forcing financial freedom

Another source of controversy for President Bukele has centered on concerns that Bitcoin will be forced to participate in reluctant participants.

Recently, President Bukele insisted that accepting Bitcoin will not be mandatory. “If someone wants to keep loading cash, not receive entry bonuses, not win customers who have Bitcoin, not grow their business and pay remittance fees, they can continue to do so,” said the president.

This contradicts the legislation, however.

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Article 7 of President Bukele’s bitcoins law establishes that “every economic agent must accept Bitcoin as payment when it is offered to him by anyone who acquires a good or service.”

same CEC study also found that 61% of merchants, nearly two-thirds, said they would not be willing to accept Bitcoin payments.

Based on these data, it is not surprising that Salvadorans are protesting this week.

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